PPA vs Merchant Analyzer
Compare the economics of PPA structures vs merchant exposure
Project Parameters
PPA Terms
Merchant Assumptions
Advanced Settings
PPA Scenario
€52.8M
NPV @ 8%
IRR6.6%
Gearing70%
Avg Price€66.3/MWh
Merchant Scenario
€51.5M
NPV @ 8%
IRR6.3%
Gearing55%
Avg Price€65.1/MWh
Hybrid Scenario
€50.7M
NPV @ 8%
IRR6.2%
Gearing63%
Avg Price€64.7/MWh
PPA scenario generates €1.3M more NPV
Break-even merchant price: €98.2/MWh (51% above current assumption)
Annual Cash Flow Comparison
Net cash flow by scenario over project life
Cumulative PPA Premium
Running total of PPA revenue vs merchant (PPA - Merchant)
NPV Sensitivity to Merchant Price
Impact of merchant price changes on scenario NPVs
Risk Comparison
Financing and risk metrics by scenario
| Metric | PPA | Merchant | Hybrid |
|---|---|---|---|
| Total Revenue | €164.3M | €161.3M | €160.3M |
| Debt Capacity | €42.0M | €33.0M | €37.5M |
| Equity Required | €18.0M | €27.0M | €22.5M |
| Revenue Volatility | 4.1% | 3.5% | 4.7% |
| Min Annual CF | €4.6M | €4.6M | €4.4M |